International Business Machines this week reported declining revenue for the 19th quarter in a row.
However, IBM’s full-year forecast is actually above Wall Street estimates thanks to growth in cloud and analytics services. But it was not enough to prevent IBM’s stock price from dipping slightly.
CEO Gini Rometty has been focused on transitioning the company toward its newer, higher-growth businesses, similar to how BlackBerry shifted from smartphones to security and autonomous software.
Revenue from these new businesses, including mobile computing and security software, rose 11% year-over-year, contributing to 41% of IBM’s total revenue for 2016. Overall revenue slipped 1.3%. In 2016, IBM shares rose by 30%.